{"id":5760,"date":"2025-08-22T02:43:28","date_gmt":"2025-08-22T02:43:28","guid":{"rendered":"https:\/\/titus.com.hk\/?p=5760"},"modified":"2026-07-15T06:38:16","modified_gmt":"2026-07-15T06:38:16","slug":"safe-simple-agreement-for-future-equity-everything-you-need-to-know-zh","status":"publish","type":"post","link":"https:\/\/titus.com.hk\/zh\/safe-simple-agreement-for-future-equity-everything-you-need-to-know-zh\/","title":{"rendered":"SAFE\uff08\u672a\u4f86\u80a1\u6b0a\u7c21\u55ae\u5354\u8b70\uff09\uff1a\u4f60\u9700\u8981\u77e5\u9053\u7684\u4e00\u5207"},"content":{"rendered":"\n<h2 id=\"intro\">\u5f15\u8a00<\/h2>\n<p>\u521d\u5275\u878d\u8cc7\u7684\u74b0\u5883\u8b8a\u5316\u5f88\u5feb\uff0c\u5275\u696d\u8005\u548c\u6295\u8cc7\u8005\u90fd\u5728\u5c0b\u627e\u66f4\u6709\u6548\u7387\u3001\u66f4\u9748\u6d3b\u7684\u65b9\u5f0f\u4f86\u652f\u6301\u516c\u53f8\u6210\u9577\u3002\u7576\u4e2d\u6709\u4e00\u7a2e\u5de5\u5177\u5728\u65e9\u671f\u878d\u8cc7\u7279\u5225\u53d7\u6b61\u8fce\uff0c\u5c31\u662f\u672a\u4f86\u80a1\u6b0a\u7c21\u55ae\u5354\u8b70\uff08SAFE\uff0cSimple Agreement for Future Equity\uff09\u3002SAFE \u7531\u77e5\u540d\u521d\u5275\u52a0\u901f\u5668 Y Combinator \u8a2d\u8a08\uff0c\u76f8\u6bd4\u50b3\u7d71\u7684\u80a1\u6b0a\u5354\u8b70\u548c<a href=\"https:\/\/titus.com.hk\/what-is-a-convertible-note-overview-advantages-and-terms\/\">\u53ef\u63db\u80a1\u7968\u64da<\/a>\uff0c\u7a0b\u5e8f\u66f4\u7cbe\u7c21\u3002\u672c\u6587\u6703\u8ac7\u8ac7 SAFE \u662f\u4ec0\u9ebc\u3001\u5982\u4f55\u904b\u4f5c\u3001\u6709\u4ec0\u9ebc\u5229\u5f0a\uff0c\u4ee5\u53ca\u70ba\u4f55\u5b83\u6210\u70ba\u4e0d\u5c11\u521d\u5275\u548c\u6295\u8cc7\u8005\u7684\u71b1\u9580\u9078\u64c7\u3002<\/p>\n<h2 id=\"what-is-safe\">\u4ec0\u9ebc\u662f SAFE\uff1f<\/h2>\n<p>SAFE \u662f\u521d\u5275\u516c\u53f8\u8207\u6295\u8cc7\u8005\u4e4b\u9593\u7684\u4e00\u4efd\u6cd5\u5f8b\u5354\u8b70\uff0c\u8b93\u6295\u8cc7\u8005\u6709\u6b0a\u5728\u5c07\u4f86\u67d0\u500b\u6642\u9ede\u53d6\u5f97\u516c\u53f8\u80a1\u6b0a\uff0c\u901a\u5e38\u662f\u5728\u5176\u5f8c\u7684\u80a1\u6b0a\u878d\u8cc7\u8f2a\u6216\u6d41\u52d5\u6027\u4e8b\u4ef6\u767c\u751f\u6642\u3002\u8207<a href=\"https:\/\/titus.com.hk\/what-is-a-convertible-note-overview-advantages-and-terms\/\">\u53ef\u63db\u80a1\u7968\u64da<\/a>\u4e0d\u540c\uff0cSAFE \u4e26\u975e\u50b5\u52d9\u5de5\u5177\uff0c\u6c92\u6709\u5230\u671f\u65e5\uff0c\u4e5f\u4e0d\u8a08\u5229\u606f\u3002\u9019\u4efd\u7c21\u55ae\u6b63\u662f\u5b83\u6700\u5438\u5f15\u4eba\u7684\u5730\u65b9\uff0c\u80fd\u6e1b\u5c11\u50b3\u7d71\u878d\u8cc7\u5e36\u4f86\u7684\u6cd5\u5f8b\u8907\u96dc\u6027\u548c\u6210\u672c\u3002SAFE \u7684\u4e3b\u8981\u7279\u9ede\u5305\u62ec\uff1a<\/p>\n<ul>\n<li><strong>\u6c92\u6709\u5230\u671f\u65e5\uff1a<\/strong>\u6295\u8cc7\u8005\u4e0d\u8a2d\u56fa\u5b9a\u671f\u9650\uff0c\u7121\u9808\u5728\u67d0\u500b\u65e5\u5b50\u524d\u6536\u56de\u6295\u8cc7\u6216\u5b8c\u6210\u8f49\u63db\uff0c\u4ee4\u521d\u5275\u516c\u53f8\u66f4\u6709\u5f48\u6027\u3002<\/li>\n<li><strong>\u4e0d\u8a08\u5229\u606f\uff1a<\/strong>\u8207\u53ef\u63db\u80a1\u7968\u64da\u4e0d\u540c\uff0cSAFE \u4e0d\u7d2f\u8a08\u5229\u606f\uff0c\u8a08\u7b97\u66f4\u7c21\u55ae\uff0c\u4e5f\u6e1b\u8f15\u4e86\u521d\u5275\u516c\u53f8\u7684\u8ca1\u52d9\u8ca0\u64d4\u3002<\/li>\n<li><strong>\u8f49\u63db\u89f8\u767c\u689d\u4ef6\uff1a<\/strong>\u8f49\u63db\u70ba\u80a1\u6b0a\u4e00\u822c\u5728\u5b9a\u50f9\u80a1\u6b0a\u878d\u8cc7\u8f2a\uff08\u516c\u53f8\u4ee5\u7279\u5b9a\u4f30\u503c\u7c4c\u96c6\u4e00\u7b46\u53ef\u89c0\u8cc7\u91d1\uff09\u6216\u6d41\u52d5\u6027\u4e8b\u4ef6\uff08\u4f8b\u5982\u88ab\u6536\u8cfc\u6216\u4e0a\u5e02\uff09\u6642\u767c\u751f\u3002<\/li>\n<li><strong>\u4f30\u503c\u4e0a\u9650\u8207\u6298\u8b93\uff1a<\/strong>SAFE \u901a\u5e38\u8a2d\u6709\u4f30\u503c\u4e0a\u9650\uff0c\u5373\u6295\u8cc7\u8005\u7684 SAFE \u8f49\u63db\u70ba\u80a1\u6b0a\u6642\u7684\u6700\u9ad8\u4f30\u503c\u3002\u842c\u4e00\u516c\u53f8\u4f30\u503c\u6025\u5347\uff0c\u9019\u53ef\u4fdd\u969c\u65e9\u671f\u6295\u8cc7\u8005\u4e0d\u6703\u88ab\u904e\u5ea6\u6524\u8584\u3002\u90e8\u5206 SAFE \u4ea6\u8a2d\u6709\u6298\u8b93\uff08\u4e00\u822c\u7d66\u4e88\u65e9\u671f\u6295\u8cc7\u8005\uff0c\u88dc\u511f\u4ed6\u5011\u5728\u5b9a\u50f9\u80a1\u6b0a\u878d\u8cc7\u8f2a\u4e4b\u524d\u6295\u8cc7\u6240\u627f\u64d4\u7684\u98a8\u96aa\uff0c\u6216\u7d66\u4e88\u6295\u5165\u5927\u984d\u8cc7\u91d1\u7684\u6295\u8cc7\u8005\uff09\uff0c\u8b93\u6295\u8cc7\u8005\u4ee5\u4f4e\u65bc\u540c\u8f2a\u6216\u65e5\u5f8c\u80a1\u6b0a\u878d\u8cc7\u8f2a\u5176\u4ed6\u6295\u8cc7\u8005\u7684\u6bcf\u80a1\u50f9\u683c\u8f49\u63db\u3002<\/li>\n<\/ul>\n<h2 id=\"safe-vs-note\">SAFE \u8207\u53ef\u63db\u80a1\u7968\u64da\uff1a\u89e3\u8aaa\u8207\u6bd4\u8f03<\/h2>\n<p>SAFE \u548c\u53ef\u63db\u80a1\u7968\u64da\u90fd\u662f\u65e9\u671f\u878d\u8cc7\u7684\u5e38\u7528\u5de5\u5177\uff0c\u4f46\u5169\u8005\u6709\u660e\u986f\u5206\u5225\u3002\u6b63\u5982\u6211\u5011\u5728<a href=\"https:\/\/titus.com.hk\/what-is-a-convertible-note-overview-advantages-and-terms\/\">\u53ef\u63db\u80a1\u7968\u64da<\/a>\u4e00\u6587\u6240\u8ac7\uff0c\u53ef\u63db\u80a1\u7968\u64da\u662f\u4e00\u7a2e\u53ef\u8f49\u63db\u70ba\u80a1\u6b0a\u7684\u50b5\u52d9\u5de5\u5177\uff0c\u901a\u5e38\u8a2d\u6709\u5230\u671f\u65e5\u4e26\u8a08\u7b97\u5229\u606f\uff0c\u6703\u70ba\u521d\u5275\u516c\u53f8\u5e36\u4f86\u984d\u5916\u7684\u8907\u96dc\u6027\u548c\u58d3\u529b\u3002SAFE \u5247\u4e0d\u5c6c\u50b5\u52d9\uff0c\u9019\u500b\u6839\u672c\u5dee\u7570\u7c21\u5316\u4e86\u6cd5\u5f8b\u67b6\u69cb\uff0c\u4e5f\u514d\u53bb\u4e86\u8207\u50b5\u52d9\u76f8\u95dc\u7684\u8cac\u4efb\uff0c\u56e0\u6b64\u5728\u5f88\u591a\u60c5\u6cc1\u4e0b\u90fd\u5c0d\u5275\u8fa6\u4eba\u53cb\u5584\u5f97\u591a\u3002<\/p>\n<table>\n<thead>\n<tr>\n<th>\u7279\u9ede<\/th>\n<th>SAFE\uff08\u672a\u4f86\u80a1\u6b0a\u7c21\u55ae\u5354\u8b70\uff09<\/th>\n<th>\u53ef\u63db\u80a1\u7968\u64da<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u6027\u8cea<\/td>\n<td>\u4e26\u975e\u50b5\u52d9\u5de5\u5177<\/td>\n<td>\u50b5\u52d9\u5de5\u5177<\/td>\n<\/tr>\n<tr>\n<td>\u5230\u671f\u65e5<\/td>\n<td>\u6c92\u6709<\/td>\n<td>\u6709\uff08\u901a\u5e38\u70ba 18 \u81f3 24 \u500b\u6708\uff09<\/td>\n<\/tr>\n<tr>\n<td>\u5229\u606f<\/td>\n<td>\u4e0d\u8a08\u5229\u606f<\/td>\n<td>\u7d2f\u8a08\u5229\u606f<\/td>\n<\/tr>\n<tr>\n<td>\u9084\u6b3e<\/td>\n<td>\u6c92\u6709\u9084\u6b3e\u8cac\u4efb<\/td>\n<td>\u82e5\u5230\u671f\u4ecd\u672a\u8f49\u63db\uff0c\u9808\u4e88\u511f\u9084<\/td>\n<\/tr>\n<tr>\n<td>\u8907\u96dc\u7a0b\u5ea6<\/td>\n<td>\u8f03\u7c21\u55ae\uff0c\u6cd5\u5f8b\u689d\u6b3e\u8f03\u5c11<\/td>\n<td>\u8f03\u8907\u96dc\uff0c\u5305\u542b\u8207\u50b5\u52d9\u76f8\u95dc\u7684\u689d\u6587<\/td>\n<\/tr>\n<tr>\n<td>\u5c0d\u5275\u8fa6\u4eba\u53cb\u5584\u7a0b\u5ea6<\/td>\n<td>\u666e\u904d\u8a8d\u70ba\u8f03\u5c0d\u5275\u8fa6\u4eba\u53cb\u5584<\/td>\n<td>\u53ef\u80fd\u9020\u6210\u50b5\u52d9\u8ca0\u64d4\uff0c\u70ba\u5275\u8fa6\u4eba\u5e36\u4f86\u58d3\u529b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"benefits\">SAFE \u7684\u597d\u8655<\/h2>\n<p>SAFE \u5c0d\u521d\u5275\u516c\u53f8\u548c\u6295\u8cc7\u8005\u90fd\u6709\u591a\u9805\u512a\u9ede\uff0c\u9019\u4e5f\u662f\u5b83\u7372\u5f97\u5ee3\u6cdb\u63a1\u7528\u7684\u539f\u56e0\u3002<\/p>\n<h3>\u5c0d\u521d\u5275\u516c\u53f8\u800c\u8a00<\/h3>\n<ul>\n<li><strong>\u7c21\u55ae\u800c\u5feb\u6377\uff1a<\/strong>SAFE \u5354\u8b70\u683c\u5f0f\u6a19\u6e96\u5316\uff0c\u5927\u5927\u6e1b\u5c11\u4e86\u6cd5\u5f8b\u8cbb\u7528\u548c\u8ac7\u5224\u6240\u82b1\u7684\u6642\u9593\uff0c\u8b93\u5275\u8fa6\u4eba\u53ef\u4ee5\u5c08\u6ce8\u767c\u5c55\u696d\u52d9\u548c\u80a1\u6b0a\uff0c\u4e0d\u5fc5\u9677\u5728\u7e41\u8907\u7684\u6cd5\u5f8b\u6587\u4ef6\u88cf\u3002<\/li>\n<li><strong>\u9748\u6d3b\uff1a<\/strong>\u6c92\u6709\u5230\u671f\u65e5\u3001\u4e0d\u8a08\u5229\u606f\uff0c\u521d\u5275\u516c\u53f8\u6709\u66f4\u591a\u71df\u904b\u7a7a\u9593\uff0c\u4e5f\u4e0d\u5fc5\u6025\u65bc\u76e1\u5feb\u5b8c\u6210\u5b9a\u50f9\u878d\u8cc7\u8f2a\u3002\u5c0d\u65bc\u8981\u5728\u4e0d\u660e\u6717\u5e02\u6cc1\u4e0b\u524d\u884c\u7684\u65e9\u671f\u516c\u53f8\u4f86\u8aaa\uff0c\u9019\u4efd\u5f48\u6027\u5341\u5206\u91cd\u8981\u3002<\/li>\n<li><strong>\u5c0d\u5275\u8fa6\u4eba\u53cb\u5584\uff1a<\/strong>\u6c92\u6709\u50b5\u52d9\u8cac\u4efb\uff0c\u5275\u8fa6\u4eba\u7121\u9808\u64d4\u5fc3\u9084\u6b3e\u6216\u4ed8\u606f\uff0c\u9019\u5c0d\u525b\u8d77\u6b65\u7684\u516c\u53f8\u800c\u8a00\u53ef\u4ee5\u662f\u4e00\u5927\u8ca0\u64d4\u3002<\/li>\n<li><strong>\u80a1\u6b0a\u7d50\u69cb\u8868\u66f4\u6e05\u6670\uff1a<\/strong>\u76f8\u6bd4\u53ef\u63db\u80a1\u7968\u64da\uff0cSAFE \u7684\u8f49\u63db\u6a5f\u5236\u5f80\u5f80\u66f4\u7c21\u55ae\u3001\u66f4\u900f\u660e\uff0c\u4ee4\u80a1\u6b0a\u7d50\u69cb\u8868\u66f4\u6574\u6f54\u3002<\/li>\n<\/ul>\n<h3>\u5c0d\u6295\u8cc7\u8005\u800c\u8a00<\/h3>\n<ul>\n<li><strong>\u53ca\u65e9\u63a5\u89f8\u5177\u6f5b\u529b\u7684\u521d\u5275\u516c\u53f8\uff1a<\/strong>SAFE \u8b93\u6295\u8cc7\u8005\u53ef\u4ee5\u5728\u6f5b\u5728\u9ad8\u589e\u9577\u516c\u53f8\u8d77\u6b65\u4e4b\u521d\u5c31\u53c3\u8207\u5176\u4e2d\uff0c\u800c\u7121\u9808\u5373\u6642\u4f30\u503c\u2014\u2014\u5c0d\u6975\u65e9\u671f\u7684\u9805\u76ee\u4f86\u8aaa\uff0c\u5373\u6642\u4f30\u503c\u672c\u4f86\u5c31\u76f8\u7576\u56f0\u96e3\u3002<\/li>\n<li><strong>\u4e0a\u884c\u4fdd\u969c\uff08\u4f30\u503c\u4e0a\u9650\uff09\uff1a<\/strong>\u842c\u4e00\u516c\u53f8\u5728\u5176\u5f8c\u7684\u878d\u8cc7\u8f2a\u53d6\u5f97\u9ad8\u5f97\u591a\u7684\u4f30\u503c\uff0c\u4f30\u503c\u4e0a\u9650\u53ef\u4fdd\u969c\u65e9\u671f\u6295\u8cc7\u8005\u4e0d\u6703\u88ab\u904e\u5ea6\u6524\u8584\uff0c\u78ba\u4fdd\u4ed6\u5011\u6191\u65e9\u671f\u627f\u64d4\u7684\u98a8\u96aa\u53d6\u5f97\u8f03\u5927\u80a1\u6b0a\u3002<\/li>\n<li><strong>\u6298\u8b93\uff08\u53ef\u9078\uff09\uff1a<\/strong>\u6298\u8b93\u70ba\u65e9\u671f\u6295\u8cc7\u8005\u63d0\u4f9b\u984d\u5916\u8a98\u56e0\uff0c\u8b93\u4ed6\u5011\u4ee5\u4f4e\u65bc\u5f8c\u671f\u6295\u8cc7\u8005\u7684\u6bcf\u80a1\u50f9\u683c\u628a\u6295\u8cc7\u8f49\u63db\u70ba\u80a1\u6b0a\u3002<\/li>\n<li><strong>\u6295\u8cc7\u6d41\u7a0b\u7cbe\u7c21\uff1a<\/strong>SAFE 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